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Mon 14th Nov 2022 - Megan’s raises £5m to drive growth, JD Wetherspoon reveals details of seven new pubs on market
Megan’s raises £5m to drive next stage of growth: Megan’s, the fast-growing, cafe and deli concept, has raised £5m from Barclays to drive its next phase of growth. Megan’s currently operates 18 sites across London and the Home Counties, most recently opening in Welwyn Garden City, its second location in Hertfordshire. Megan’s will open its 19th site, in Richmond, south west London, in January, and has a strong pipeline of sites including Guildford, Farnham, Twickenham and Crouch End. Finance director Gillian Clements said: “The return on investment in our sites speaks for itself. Not only have we been able to expand to 18 locations funded predominantly through self-generated cash flows, but we’ve also done this through a really tough time for hospitality and have done so while continuing to look after our teams – who make Megan’s the great experience that it is. Despite the challenges of the pandemic, we’ve opened 11 sites in 24 months and this facility allows us to accelerate into the next phase, while expanding our property ownership. Barclays understands our vision and backs us in our ambitions. We’re really pleased to be able to partner with it on this journey and are excited for some big things to come.” Danny Regan, of Barclays, added: “Barclays is excited to support Megan's in its next stage in growth. Megan’s has set the benchmark for the industry; a standout business that has shown resilience over a very tough period for hospitality. Barclays was impressed by Megan’s portfolio of neighbourhood locations, which have delivered consistently high rates of returns.”

JD Wetherspoon reveals details of seven new pubs on market: JD Wetherspoon has confirmed the appointment of CBRE and Savills to sell seven of its pubs, which are in addition to the 32 sites that were put on the market in September. The new properties, which comprise a mix of five freehold and two leasehold sites, are located in England and Scotland and are being considered for sale either individually, in small packages or as a portfolio. All of the properties will continue to remain open and trading as Wetherspoon outlets until they are sold. The properties are the Coronet in Holloway, north London (freehold); Cross Keys, Peebles (freehold); General Sir Redvers Buller, Crediton (freehold); Lord Arthur Lee, Fareham (freehold); Plough & Harrow, Hammersmith (leasehold); Saltoun Inn, Fraserburgh (freehold); Thomas Leaper, Derby (leasehold). Paul Breen, director at Savills, said: “Despite the volatility in the current market interest in the properties that went on to the market in September has been encouraging with terms now agreed for several of the sites. We expect these additional properties to be equally appealing.” Toby Hall, Senior director at CBRE, added: “These additional properties are all substantial, well located pubs which are fitted to a high standard. Most of the properties are coming to the market for the first time in many years.”

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